How to Use Bitcoin Address, Flow and Notes

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How to Use Bitcoin Address, Flow and Notes main

Bitcoin address is used when receiving and sending Bitcoin (BTC). Let’s take a look at the usage and flow of each.

When receiving Bitcoin (BTC)

You can receive Bitcoin (BTC) if you send the Bitcoin address to the other party by e-mail and have it sent. For smartphones, you can also send it using a QR code.

You can get the bitcoin address and QR code by performing a predetermined operation, such as clicking the “withdrawal / withdrawal” icon of the wallet service you want to receive. However, if you send Bitcoin (BTC) to the wrong address and the transaction is approved, you cannot cancel it. Be careful not to give the wrong Bitcoin address to the other party.

Also, be careful about managing the private key of the Bitcoin address. Even if Bitcoin (BTC) is sent to the address, you cannot retrieve Bitcoin (BTC) from the Bitcoin address without the private key. Therefore, if you inadvertently erase the private key, you will not be able to use the Bitcoin (BTC). Also, if the secret key is known to a third party by hacking etc., Bitcoin may be stolen without your knowledge. When storing the received Bitcoin, it is important to manage the private key thoroughly.

When sending Bitcoin (BTC)

When sending Bitcoin (BTC), use the sending function of the wallet you are using, but at this time you use the Bitcoin address sent from the other party. Click here for more detail bitcoin up login.

Does the Bitcoin address change every time?

When you move Bitcoin (BTC) to your wallet, you may have noticed that it is different from the address you used previously. You may find it annoying because some wallets automatically generate a new address each time you receive Bitcoin (BTC).

However, it may be better to change the bitcoin address for each transaction for Bitcoin (BTC) from the following viewpoints.

How to Use Bitcoin Address, Flow and Notes finance

To protect user privacy

With blockchain technology, individual transactions are widely published, and you can easily search transaction history online if you know the bitcoin address. Then, from the history associated with the Bitcoin address, information such as the number of Bitcoin (BTC) transactions, the number of transactions received, and trading partners is obtained. You will be able to find out to some extent.

On the other hand, if you change your Bitcoin address frequently, you have to search all Bitcoin addresses to find out how much Bitcoin (BTC) you have from the public information. Therefore, it is very difficult to estimate the amount of Bitcoin (BTC) held by a specific person.

In this way, in order to protect your personal information, it is important to avoid using the Bitcoin address for a long time and change the Bitcoin address for each transaction.

Avoid the risk of being a target of hacking

Bitcoin addresses that have traded a large amount of Bitcoin (BTC), or Bitcoin addresses that have been trading for a long time may have a large amount of Bitcoin (BTC), so they are targeted by hackers. It will be easier.

In the case of bank deposit, even if you make a mistake in the account number and transfer the money, you can return it to your own hand if you follow the procedure. However, since Bitcoin (BTC) does not have an administrator, it is highly possible that it will not return if you send the Bitcoin (BTC) with the wrong address. If you are thinking of starting handling Bitcoin (BTC).

There are two specific cases that can be expected when sending Bitcoin (BTC) by mistake.

1 When the delivery is not actually done
If you enter the wrong Bitcoin address but the address does not exist, it will be sent to an invalid address and will not be sent, and Bitcoin (BTC) will be returned.

2 When sending is done
Bitcoin (BTC) transactions will be concluded if the Bitcoin address you entered by mistake is the actual one or if you enter the Bitcoin address of another person.
At this time, if the destination is the same exchange, contacting the exchange may identify the individual from the address and recover the Bitcoin (BTC) that was mistakenly deposited.

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